The top industrial robotics market is expected to grow from US$44.02
billion in 2018 to US$69.14 billion by 2023, at a CAGR of 9.45% during
the forecast period; the top service robotics market is expected to grow
from US$11.27 billion in 2018 to US$29.76 billion by 2023, at a CAGR of
21.44% during the forecast period.

Major drivers for top industrial robotics market are increasing adoption
of automation and growing demand from small and medium-sized enterprises
(SMEs) in developing countries.

High adoption of robots for personal use, such as companionship and
entertainment, and increase in the demand from medical and healthcare
sectors are some of the key factors driving the growth of the top
service robotics market. However, one of the major factors restraining
the growth of the top industrial robotics market is the high overall
cost of installation for low-volume production applications. Performance
of service robots in untested environments and the lack of high-level
interfacing are the major factors restraining the growth of the top
service robotics market.

The top industrial robotics market for collaborative robots is expected
to grow at a significant rate between 2018 and 2023. The collaborative
robots have a good return on investment (ROI) because they are easy to
install and simple to program, and are well accepted by workers. These
robots are being adopted at a significant rate owing to their safety
features and advantages over industrial robots to perform certain tasks
in various industries, and the rate of adoption is expected to grow
during the forecast period.

Domestic applications are expected to hold the largest share of the top
service robotics market in 2018. The growing demand for domestic robots
for domestic applications such as vacuum cleaning and lawn mowing is the
key factor driving the growth of the market. However, the market for
entertainment, education, and personal applications is expected to grow
at the highest rate during the forecast period. The increasing number of
working officials across the world is expected to put forth a need for
service robots, for providing companionship to the elderly and toddlers.